HDIL to sell land parcels near Mumbai

HDIL to sell land parcels near Mumbai
15/06/2016 , by , in News/Views

Real estate firm Housing Development and Infrastructure (HDIL) is in talks to sell 3-4 land parcels near Mumbai as it looks to bring down its net debt to about Rs 2,000 crore by the end of this fiscal.

HDIL’s net debt stood at Rs 2,730 crore at the close of 2015-16, according to an analyst presentation.

The Mumbai-based developer is in advanced stage of discussions to close first large FSI (floor space index) sale transaction in its project ‘HDIL Planet’.

It is in advanced stage to sell incremental FSI of 6 million sq ft in ‘Paradise city’ Palghar and exploring options to sell land in Berkeley square projects in Ghatkopar as well.

“With this 3 or 4 FSI sale transactions which are at various stages of discussions and negotiations, I think we are very well-placed in terms of our debt and we would look at a number of close to Rs 2,000 crore by the end of March 2017,” HDIL Senior Vice-President Finance Hari Prakash Pandey said reported by PTI.

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